Jones Lang LaSalle (NYSE:JLL) has been selected to exclusively lease Pan American North Distribution Center, an industrial project comprised of 186,000 square feet of industrial space in the Pan Am North Business Park in Medley, Florida. Located at 10733 NW 123rd Street, the industrial development is already under construction and expected to be ready for occupancy in the first quarter of 2013.
The property offers east access to the Florida Turnpike Extension and US-27 (Okeechobee Road). Space availability will range from 50,000 to 186,000 square feet of industrial space with new offices built to tenant’s specifications.
Jones Lang LaSalle’s Managing Director Steven Medwin SIOR, CCIM, and Nick Wigoda, Vice President, will lead leasing efforts for the project. The industrial development is owned by a Denver-based institutional landlord.
“This property represents new industrial product for the active Medley submarket, which has one of the lowest vacancy rates in South Florida,” stated Medwin.
South Florida is now seen as one of the top three industrial markets in the U.S., along with Los Angeles and northern New Jersey. The favorable market dynamics of the region’s industrial market is helping drive more investment from institutional owners. These market conditions, coupled with the positive impact of Port Miami’s deep dredge, port tunnel and on-dock railroad connection are among the improvements that will give Miami an edge over competing markets in the coming years.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.